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GAC GROUP's Subsidiary Plans to Engage in Foreign Exchange Derivatives Trading
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With the rapid expansion of its overseas business and in order to lock in costs and cut exchange rate risks, GAC GROUP (02238.HK) announced that its subsidiary GAC International Automobile Sales & Service plans to appropriately engage in foreign exchange hedging, such as ordinary foreign exchange forwards, options, and swaps, through derivatives trading based on specific circumstances. The trading limit is set at RMB4 billion or equivalent in other currencies, with a usage period of 12 months from the date the board of directors approves the matter or until the board approves a new proposal. This limit can be used on a revolving basis within the period. AAStocks Financial News |
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